WESTON, Fla., May 8, 2018 /PRNewswire/ -- ERP Maestro, provider of the leading cloud-based access control, security auditing, and risk reporting solution for SAP systems, announced today the completion of a $12 million funding round, bringing total capital raised to $20 million. The new capital infusion was led by Aspen Capital with further investment from AdvancedStage Capital.
ERP Maestro's software as a service (SaaS) solution is unique in the industry for its ability to accelerate access risk detection, prevention, and compliance in the SAP environment with best-in-class segregation of duties (SoD) analysis, access certification, emergency access, and compliant user provisioning. Addressing the rising number of internal cybersecurity threats, the cloud-based solution greatly reduces implementation time, costly hardware, and configuration expense while delivering instant visibility into potential internal cybersecurity risks in SAP systems to facilitate prevention of these threats, which can be challenging to manage with conventional methods.
This latest round of funding will be used to scale operations, expand the company's product suite, and leverage the platform's distinctive cloud integration capabilities into new markets.
"Automated controls are a critical part of a company's total cybersecurity defense and compliance solutions," said Jody Paterson, founder and CEO of ERP Maestro. "Because our platform was built from the ground up as a cloud-deployed system, we have unmatched agility and the capability to easily extend into other security market segments. We are excited about the catalytic role we are playing in preventing and easing the pain of security and controls monitoring for governance, risk, and compliance (GRC) and the identity and access management (IAM) space."
Paterson, formerly a KPMG veteran, started ERP Maestro in an effort to create a faster and more cost-effective way to help SAP customers address their internal control audits and actively monitor their ERP systems for improper use. Today, seven of the world's top 10 auditing firms use ERP Maestro's solutions with their clients. With industry analysts indicating a rapidly increasing need for automated, cloud SoD controls monitoring tools, the company is poised for accelerated growth.
"Most companies struggle under the time- and labor-intensive processes of managing ERP access and meeting compliance reporting and auditing requisites, especially if they are performing these tasks manually," said Paterson. "Our customers universally experience a greater sense of protection and enjoy cost and time savings once they begin to use our solutions. This is especially true for complex security structures, such as SAP."
Having previously made early stage investments in ERP Maestro, Aspen Capital and AdvancedStage Capital's recurring funding is a testament to the confidence in the company's technology and growth potential.
"We are honored to be a continuing part of the support team for ERP Maestro, whose innovative solutions are redefining what effective controls look like for SAP users at a fraction of the cost of other available solutions. ERP Maestro's mission to address costly and damaging internal cybersecurity risks has added tremendous value for the company's customers," said Steven Jones, Chairman of Aspen Capital.
"ERP Maestro's seasoned leadership and dynamic culture of innovation are the perfect mix and have enabled the company to rapidly establish a leadership position in the industry," said David Pendell, Managing Director of AdvancedStage Capital. "It's the ideal combination for a market frontrunner."
About ERP Maestro ERP Maestro makes managing access risk, compliance, and security in SAP® environments incredibly easy. Its award-winning software as a service (SaaS) platform automates the monitoring, detection, and prevention of internal cybersecurity risks in SAP systems, minimizing potential breaches and fraud and accelerating remediation. Its industry-leading segregation of duties (SoD) analysis is used by seven of the world's top 10 audit firms and empowers organizations to establish effective governance, risk, and compliance (GRC) processes. Learn more at www.erpmaestro.com.